Education Career Articles

Connect Facebook Connect Twitter Connect Google+ Connect Pinterest Connect Stumbleupon

How to Become a Wealth Manager

Career News September 1, 2013

The first thing that you will need to become in wealth management is a team leader. Wealth managers know that clients have one business purpose, to make and maintain money. This involves following market trends, efficient means of purchasing, real estate law, probate law, and new laws the government is implementing to make more money themselves. All of these knowledge areas may be a bit difficult for one person to know. This is a job that requires commitment and focus.

What Do You Need to Become a Wealth Manager?

Most people would assume that education is the most important thing. While it’s certainly a step in the right direction, it’s not the all-important factor. A high school graduate is obviously going to have trouble landing clients, so a bachelor’s degree or master’s degree is more often the standard. Subjects of study might include economy, finance or even a specially created wealth management degree.

The most important thing to have to become a wealth manager is the ability to gain clients’ trust and the moral/ethical fiber necessary to be worthy of that trust. A wealth manager is not a financial adviser by definition, but it can involve that aspect of communication. A wealth manager tries to maintain the wealth and buying power a client has, perhaps through multiple generations.

Let’s say your client is a successful manufacturer, and he wants to own and work his plant until the day he dies. However, his son has absolutely no interest in the plant. It would be your job, as a wealth manager to create a management team and a line of credit, so that when the man does die, the plant can operate and be sold at market value—not a distressed price. Then, you have to foresee probate laws and create a smooth transition for the wealth to reach the heirs. Then, you have to foresee tax liability, so the government does not litigate the company out of existence.

Who Can Be a Wealth Manger?

There are few rules as to who can be a wealth manager and it is limited only by the good sense of the client. However, someone with excellent networking skills will be trusted above others. Networking would not only include clients, since word of mouth is the most valuable advertising asset, but also networking with people who can assist you in areas you do not or cannot know, as suggested above. To be able to connect all of the people necessary to create a plan that can foresee and thwart most of the problems the future holds is a unique skill set; your team must have an outlook similar to yours to be effective.

After you have your education in marketing, accounting, law, or whatever, then you must start out working for someone else. It can be a big bank, or small firm, but it must be successful. You will not get many clients by saying, “During the past 10 years have been rough, but I will get it right in your case.” They may want to believe your sincerity, but you are not getting a dime of their money.

The main thing that you will need to become a wealth manager is dedication. It is a time consuming profession that can make you wonder why you chose it from time to time, but then comes the execution of one of your plans, and as it flows seamlessly from plan to reality, you breathe deeply and know why. Then, go to the next project, with a hefty salary and good peace of mind.

Searching Searching ...

Matching School Ads
5 Program(s) Found
  • Online degrees offered include BA in Accounting, BA in Business Administration, MBA, and more.
  • Business students may be eligible for scholarships such as the Entrepreneurship Scholarship.
  • Courses help students develop knowledge of marketing, accounting, economic principles, and financial management.
  • Business Administration students can specialize in areas such as Entrepreneurship, Finance, and Project Management.
  • Online Courses
  • Financial Aid
  • Transferable Credits
2 Program(s) Found
  • Online bachelor's and master's level Business programs are available.
  • Courses are designed to teach practical business solutions, with a career-focused curriculum.
  • Students can study in areas such as business, applied management, and business administration.
  • Experienced professionals equip students with a working knowledge of marketing, financing, accounting, and sales.
  • Students who have graduated high school in or before 2015 are eligible to apply.
  • Online Courses
1 Program(s) Found
  • Available business concentrations include Accounting, Economics, General Management, Marketing, and Human Resource Management.
  • Ranked among the Best Online MBA and Online Graduate Business Programs in 2016 by U.S. News & World Report.
  • Programmatic accreditation provided by the Accreditation Council for Business Schools and Programs (ACBSP).
  • Regionally accredited by the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC).
  • Online Courses
2 Program(s) Found
South University , Glen Allen
  • Program options include Accounting, Business Administration, Leadership, and more.
  • Curriculum focuses on developing leadership, critical thinking, problem-solving, and communication skills.
  • Programmatic accreditation by the Accreditation Council for Business Schools and Programs (ACBSP) at select campuses.
  • Business programs are available at many of the 11 campus locations across the United States.
Good for Working Adults
  • Flexible Scheduling
  • Financial Aid
5 Program(s) Found
  • Average class size is 25, allowing for more one-on-one time with instructors.
  • Has a 97% employment rate among available graduates.
  • All  graduates receive Lifetime Employment  Assistance—free and forever.
  • Michigan's largest independent college.
  • Most instructors are working professionals in the fields they teach.
  • Programs are continuously updated to ensure classes are career-relevant and in sync with what's needed in the industry
Show more [+]
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Ranked among top Regional Universities in the South by U.S. News and World Report in 2015.
  • Ranked 37th among the Best Colleges for Veterans by U.S. News and World Report in 2015.
  • Stands as the largest private, nonprofit university in the nation with 100,000+ students.
  • Offers over 230 programs online, from the certificate to the doctoral level.
  • Has a student-faculty ratio of 25:1, and 42.3% of its classes have fewer than 20 students.
Show more [+]
  • Accredited
  • Online Courses
  • Financial Aid
  • Transferable Credits
1 Program(s) Found
  • Campus-based and online business programs include Entertainment Business (BS), Internet Marketing (BS), and Business Intelligence (MS)
  • Students will explore business concepts like marketing, global media management, and business technology and design
  • Courses designed to prepare students for a career in business and Career Development advisors available to all alumni
  • Full Sail offers accelerated programs, so a degree that would normally take four years takes 24 months on average
  • Online Courses

Searching Searching ...

Matching School Ads
5 Program(s) Found
  • Online degrees offered include BA in Accounting, BA in Business Administration, MBA, and more.
  • Business students may be eligible for scholarships such as the Entrepreneurship Scholarship.
  • Courses help students develop knowledge of marketing, accounting, economic principles, and financial management.
  • Business Administration students can specialize in areas such as Entrepreneurship, Finance, and Project Management.
  • Online Courses
  • Financial Aid
  • Transferable Credits
1 Program(s) Found
  • Available business concentrations include Accounting, Economics, General Management, Marketing, and Human Resource Management.
  • Ranked among the Best Online MBA and Online Graduate Business Programs in 2016 by U.S. News & World Report.
  • Programmatic accreditation provided by the Accreditation Council for Business Schools and Programs (ACBSP).
  • Regionally accredited by the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC).
  • Online Courses
2 Program(s) Found
  • Online bachelor's and master's level Business programs are available.
  • Courses are designed to teach practical business solutions, with a career-focused curriculum.
  • Students can study in areas such as business, applied management, and business administration.
  • Experienced professionals equip students with a working knowledge of marketing, financing, accounting, and sales.
  • Students who have graduated high school in or before 2015 are eligible to apply.
  • Online Courses
5 Program(s) Found
  • Average class size is 25, allowing for more one-on-one time with instructors.
  • Has a 97% employment rate among available graduates.
  • All  graduates receive Lifetime Employment  Assistance—free and forever.
  • Michigan's largest independent college.
  • Most instructors are working professionals in the fields they teach.
  • Programs are continuously updated to ensure classes are career-relevant and in sync with what's needed in the industry
Show more [+]
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Ranked among top Regional Universities in the South by U.S. News and World Report in 2015.
  • Ranked 37th among the Best Colleges for Veterans by U.S. News and World Report in 2015.
  • Stands as the largest private, nonprofit university in the nation with 100,000+ students.
  • Offers over 230 programs online, from the certificate to the doctoral level.
  • Has a student-faculty ratio of 25:1, and 42.3% of its classes have fewer than 20 students.
Show more [+]
  • Accredited
  • Online Courses
  • Financial Aid
  • Transferable Credits

Login to your account

Can't remember your Password ?

Register for this site!